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#NACCE2015
The Challenge of Building an
Entrepreneurial Ecosystem in a
Rural Community
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Kim Simons, Professor of Business Administration at Madisonville Community College.
Ruth Ann Padgett, Entrepreneurial Development Specialist at Madisonville-Hopkins County Economic Development
[email protected] 270-821-1939 (office) www.kentuckyedc.com
[email protected] 270-824-8639(office) www.madisonville.kctcs.edu
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A Look at Our Community
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1. Many organizations doing similar things (typical silos)
2. Difficult to create a culture of Entrepreneurism
3. Finding Entrepreneurs – Who? Where?
4. Pulling all the partners together to leverage the assets of our community
5. Getting people to accept that they could be an entrepreneur
6. Educating entrepreneurs about opportunities
The Challenges
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Durham, North Carolina
Kansas City, Missouri
Evansville, Indiana
Charleston, South Carolina
Nashville, Tennessee
Trident Technical College
Miami-Dade Community College University of Southern Indiana
Orlando, Florida
University of Tennessee
Bowling Green, Kentucky
Lexington, Kentucky
Louisville, Kentucky
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Objective of the Program
To build capacity of local entrepreneurs to innovate and compete in the global economy through the establishment of an entrepreneur growth program.
Mission Statement
The entrepreneurial development program provides a one stop service center for start-up and existing businesses throughout Hopkins County to access trusted advisors, educators and capital in order to establish critical
business practices that lead to the successes of business owners and entrepreneurs.
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•http://www.entrekeys.com/
R.E.A.L. (Rural Entrepreneurship through Active Learning)
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The Madisonville Hopkins County Economic Development Corporation and Hopkins County’s leading banks have joined
together to improve the odds of getting approval for a loan that matches each client’s business needs through the HC Ventures Loan Program. HC Ventures will provide valuable feedback from experts
within the business community to assist in putting together all information needed to apply for a business loan.
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• Strong partnership with the Business Administration Program to offer Entrepreneurial related courses for training.
• Great space to meet and come up with ideas and solutions!
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• Entrepreneurship Conference that we launched out of the Business Synergy Lab in partnership with Hopkins Co Economic Development, Murray State University, Hopkins Co Chamber of Commerce, and PADD.
• Over 31 business resources from across the state pulled together to offer assistance, hands-on business model creation, and training on how to launch ideas!
• Participants left with a wealth of resources, networks, and knowledge! It was limited to only 31 serious candidates.
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Entrepreneurs face enormous challenges in running and growing a start-up – be it raising capital, hiring a team, or acquiring customers. An effective way to overcome these challenges
lies in finding motivated and compatible mentors who can provide you the critical skills,
knowledge and motivation you need.
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The Synergize Mentoring program brings a carefully selected network of mentors, established experts, and entrepreneur
educators who are committed to supporting Hopkins Counties high-potential
entrepreneurs. Whether you are looking for a structured, goal-driven mentoring
engagement or just an introduction to an expert in your sector, we can help connect
you to the most appropriate support.
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This seminar will offer information on Free Consulting Service, Research from the Small Business Development Center, Business Concepts and Product
Development from the Kentucky Innovation Network. The SBA will share the financing options available.
Madisonville Community College’s Business Synergy Team will provide opportunities for ideation and strategy creation. The Madisonville Hopkins County Economic Development Corporation will provide information about
Hopkins County Ventures, Mentoring programs and 1 Million Cups. To finish off this action packed day will be the Kentucky Cabinet for Economic Development
providing information on Small Business Tax Credit, Exporting, Micro Loan Programs, and Small Business Credit Initiatives.
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Keynote Speaker: Laura Benson
Create Your Future
Women’s Entrepreneurial
Conference
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Women’s Conference
February 2016
Key Note Speaker: Gi Gi Butler
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1 Million Cups is a free, weekly national program designed to educate, engage, and connect entrepreneurs. Developed by the Kauffman Foundation, 1MC is based on the
notion that entrepreneurs discover solutions and network over a million cups of coffee.
Every Wednesday morning, one or two early-stage startups present their companies to a diverse audience of their peers, mentors, educators, and advisors.
Each founder presents for six minutes, followed by a 20-minute question-and-answer session with the audience.
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Smokin’ Hot Topics from Brother’s Bar-B-Que
Weekly Radio Show hosted by Kevin Cotton and Kim SimonsWe discuss “hot topics” that relate to Entrepreneurs
Networking LeadershipCustomer Service Social MediaCash FlowTaking things to the “next level” Strength FinderBooks – that really can helpOne Million Cups
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Our Entrepreneurial Books are selected resources created to help entrepreneurs build, grow, and
run their business.
Entrepreneurial Library
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The Innovation Station is a co-working space for business and technology startups. It is located in the newly renovated “Old Train Depot” building. The facility provides regional startups with affordable workspace and access to mentors, potential investors, programming, educational resources and a community of local entrepreneurs.
Innovation Station
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PEN (Pennyrile Entrepreneurial Network)
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Share Your Ideas…….
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1. Rural Innovation Conference2. Rebranding/Graphic Design Competition- Identify
businesses/organizations in need of rebranding and/or logos and hold a competition that pairs local artists/designers with businesses. Incorporate social media, web marketing, freelancers to broaden the outreach.
3. Add some “maker” equipment to the innovation station4. Post meet-ups5. Entrepreneur for a Day (E4D) A 5th grade
program/2hours in class and one day at the community college
6. Start Smart – 2 hour overview for starting your small business – all new clients for the SBDC
Ideas from the Session
#NACCE2015
7. Tech Brew – Invite techies and entrepreneurs and like minded individuals and they get a craft beer.
8. Community maker fair = festival featuring highlights of community made items – invite the entire region to participate
9. Hold competition on best ideas and winner gets money and consulting services
10.Business service providers network group – group of 25-30 local entrepreneurial support organizations come together in person twice a month to collaborate and share ideas – this includes community colleges/universities/government agencies
11.4-8 week training ending in a grant competition
Ideas from the Session
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12. Sandboxes – partner in 3 sandboxes with other colleges/incubators to offer entrepreneurial funding opportunities
13. Microloans – in order for people to be considered they must attend a 10 week program for startups
14. Consider the ESI program (Entrepreneur Ship Investigation) Youth camp program
15. Chamber/College/SBDC monthly workshops to support small businesses
16. Business of Art for Artists – drew 65 people
17. Create a business Center on campus for one-stop small business startup and scale ups
18. Partner with local DECA/FBLA to co brand and plan activities for global entrepreneurship week
19. Create entrepreneurship best practice sharing summit to bring educators, economic developers, and policy makers to collaborate and share real life lessons
Ideas from the Session
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20. Open up conference to those outside your community – if it is free some may be interested in attending
21. Entrepreneurship week – STEM entrepreneurial focus – mixers, happy hour
22. Entrepreneurial speakers bureau bringing entrepreneurs on campus for networking programs with featured entrepreneurs – 3 per semester
23. High school business pitch competition on college business – exposure to the college – judge by local entrepreneurs from the community
24. Create entrepreneurial pathways for MS/HS students by hosting pitch boot camps and competitions
25. Innovation summit to celebrate local, regional, and national innovators and entrepreneurs
26. Catfish tank competition – challenging middle school kids to create and implement an idea for new business, new invention, or community service project
27. Micro enterprise – 50% rebate on prop taxes / 1st year minimum $1000 + 3 yr program + grant
Ideas from the Session
